MegaETH’s public token sale oversubscribed by 27.8x as auction officially closes

MegaETH's public token sale, structured as an English auction, officially concluded after being oversubscribed by 27.8 times, with investors committing over $1.39 billion against a cap of around $50 million. The sale raised millions at a 'hypothetical' fully-diluted valuation exceeding $27.8 billion. The auction sold out quickly at its minimum guaranteed price of $0.0001 on Monday. The process featured a 'bimodal allocation process' prioritizing key contributors and ensuring at least 5,000 participants receive a baseline allocation starting at $2,650, despite over 50,000 global participants bidding. The team will now review allocations for those who bid the maximum amount and begin processing refunds for bids under the clearing price of $0.0999 by November 5th.

(Source：The Block)